FDI and the Capital Intensity of “Dirty” Sectors【外文原文】

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1、ReviewofDevelopmentEconomics,9(4),530–548,2005FDIandtheCapitalIntensityof“Dirty”Sectors:AMissingPieceofthePollutionHavenPuzzleMatthewA.ColeandRobertJ.R.Elliott*AbstractInanincreasinglyintegratedworld,fallingtradebarriersmeanthattheroleenvironmentalregulationsplayinshapingacountry’scomp

2、arativeadvantageisgreaterthanever.Thishasleadtofearsthat“dirty”indus-trieswillrelocatetodevelopingregionswhereenvironmentalregulationsmaybelessstringent.Anumberofreasonshavebeenofferedtoexplainwhy,despiteanecdotalevidenceandthepredictionsoftheoreticalstudies,littleempiricalverificationf

3、ortheexistenceofpollutionhavenshasbeenfound.Littleattention,however,hasbeenpaidtothecapitalintensityofpollutionintensivesectors.WeinvestigatetherelationshipbetweenUSoutwardFDIandfactorendowmentsacrosssectorstotwodevelopingcountries.Wehighlighttheroleofcapitalandbelieveitpartiallyexplai

4、nswhypollutionhavensarenotmorewidespread.Ourapproachalsohighlightsthosecountriesthatarelikeliesttobecomepollutionhavens.Amultivariateanaly-sisrevealssomeevidenceofpollutionhavenconsistentbehavior.1.IntroductionInanincreasinglyintegratedworld,fallingtradebarriersmeanthattheroleenviron-m

5、entalregulationsplayinshapingacountry’scomparativeadvantageisgreaterthanever.Ifinternationalcompetitivenessisinfluencedbydifferencesinregulations,thenchangingtradepatternsortherelocationoffirms(foreigndirectinvestment)may1resultinprotectionistargumentsforlowerenvironmentalregulations.Att

6、hesametime,intheUS,theNorthAmericanFreeTradeAgreement(NAFTA)hasrekindledfearsthatpollutionintensivemultinationalcorporations(MNCs)willrelocatetoMexicowhereenvironmentalregulationsarelesssevere,theso-calledpollutionhaven2hypothesis.Inthelast15to20years,globalFDIflows,andspecificallythoset

7、odevelopingcoun-tries,haveincreasedconsiderably.In1995developingcountriesreceivedUS$90billion(38%)ofworldwideFDI(WorldBank,1996),withthemajoritygoingtoAsia(includ-ingChina)andLatinAmerica(UNCTAD,1995).SuchtrendshaveencouragedalargeliteratureexaminingthestructuraldeterminantsofFDIflows